AUSTRALIANS are doing their best to stash amid a rising cost of living but many are struggling to tuck away just $100 per month.

Since the global financial crisis many Australians have adopted a more cautious approach when it comes to money but increasing household costs are squeezing consumers’ ability to save.

New research from comparison site comparethemarket.com.au shows about 60 per cent of people worry about their ability to support their families, and just one in four say they could save between $100 and $300 per month.

The site’s spokeswoman, Abigail Koch, says since the Federal Budget was delivered in May people have become even more cautious with their cash.

“Since then people are feeling like they have being pushed in a few directions are they are tightening their belts a bit more,’’ she says.

“People should be saving as much as they realistically can. There’s pressure on household budgets at the moment but you never know what is around the corner.”

Despite budgets being crunched, the research found about three in five Australians are prepared to make financial sacrifices to support their children.

Shadforth Financial Group head of advice John Barton says being able to successfully save requires people to get into a good rhythm of how they spend and save.

“The order in which you do things is important — the vast majority of people spend first and save what’s left,’’ he says.

“The reality is for most of us unless we are well-heeled, our short-term needs and aspirations are going to swamp our desire to save.”

Barton says while it’s important to adopt a savings plan, it is also vital you reward yourself along the way to ensure you keep motivated.

“Don’t put your money all into long-term stuff that you won’t see and you’ll forget about,’’ he says.

“It is also important every year or two to look at places where you can save money. For example, review your mobile phone contract and your household insurance.”

SAVING TIPS

— Draw up a budget.

— Write a list of things you can cut out of your day-to-day spending.

— Set up direct transfers to a savings account so you can start a savings plan.

— Review your regular bill costs including phone, utilities and see if savings can be made.